Long Pond Capital LP's Q3 and Q4 2022 13F holdings: Insights into the hedge fund's portfolio changes.

In the ever-changing world of finance, keeping track of market trends and shifts can be quite the task. One way to do so is by analyzing the 13F filings of hedge funds, which are required to report their holdings to the SEC every quarter. This article will focus on Long Pond Capital LP's Q3 and Q4 2022 13F holdings comparison and provide insights into the changes in their portfolio over the two quarters.

Long Pond Capital LP is a New York-based hedge fund founded in 2003 by John Paulson and Sander Gerber. The fund manages over $2 billion in assets and is known for its value-oriented investment approach. They invest primarily in the real estate sector, but also hold positions in other sectors such as technology, healthcare, and energy.

In Q3 2022, Long Pond Capital LP held a total of 25 stocks with a total value of $1.8 billion. By Q4 2022, the number of holdings had decreased to 24, with a total value of $1.6 billion, representing a decrease of 10% in the number of holdings and a decrease of 11% in the total value of their portfolio.

One of the significant changes in their portfolio was the reduction in the number of shares of Independence Realty Trust (IRT) which decreased by 49%. On the other hand, Long Pond Capital LP increased its stake in Camden Property Trust (CPT) with the number of shares rising by 133%. Long Pond also increased its stake in Fomento Economico Mexicano S (FMX) with the number of shares rising by 160%.

The most notable change, however, was the introduction of six new positions and the elimination of three positions. Long Pond Capital LP introduced positions in Broadstone Net Lease Inc (BNL), Prologis Inc (PLD), U Haul Holding Company (UHAL), Travel Plus Leisure Co (TNL), Radius Global Infrastrctre I (RADI), and Las Vegas Sands Corp. (LVS). Meanwhile, they eliminated their positions in Expedia Group Inc (EXPE), Red Rock Resorts Inc (RRR) and Caesars Entertainment Inc Ne (CZR).

Looking at the holdings that Long Pond Capital LP has maintained, JBG Smith Properties (JBGS) and LXP Industrial Trust (LXP) remain their largest holdings in both quarters, with 8% and 10% of the portfolio respectively.

JBG Smith Properties is a real estate investment trust that owns and operates office, residential, and retail properties in the Washington DC Metropolitan Area. The stock has gained over 17% in value from Q3 2022 to Q4 2022. On the other hand, LXP Industrial Trust is a real estate investment trust that focuses on owning and managing industrial properties.

While Long Pond Capital LP seems to have reduced its exposure to real estate in Q4 2022, their focus still remains on the sector. In terms of the sectoral breakdown, real estate makes up 47% (down from 50% in Q3 2022) of their portfolio value, followed by consumer discretionary and industrials, which make up 22% and 14% respectively.

In conclusion, Long Pond Capital LP has made some notable changes to its portfolio in Q4 2022. The hedge fund reduced the size of its portfolio and added new positions, while also trimming back some of their existing holdings. While real estate remained a dominant sector in their portfolio, the number of holdings in this sector was reduced, suggesting that the hedge fund is possibly diversifying its holdings. Overall, the changes indicate that Long Pond Capital LP is staying true to its value-oriented approach, as they continue to look for opportunities with the potential for long-term growth.